Follow

Managing Leases in E-Automate - Service Lease Records vs. Lease Tab on Service Contract

Whether you have internal lease/rentals to bill to a customer or want to track leases connected to a 3rd party lender, there are different ways to manage these within the database.

Jump to a specific section by clicking a link

Overview | Best Practice Steps | Service Lease Record | Service Lease Tab on Contract | Other Helpful InfoRelated Alerts

Overview

Overview

Following the best practice described below will ensure that you are billing internal lease (sometimes referred to as rental) charges to your customers accurately and on time as well as tracking your 3rd party leases. Keeping records of your lease and rental portfolios within the database makes for easier reporting and the use of our alerts related to lease end dates, lease billing on contracts, etc. 

Service Leases within the database are records containing details of your company's lease portfolio, internal and 3rd party. The Lease tab in Service Contracts is to be utilized only when you are billing internal lease charges to your customers directly. 

 

 

*  *  *

Best Practice Steps

Best Practice Steps

Service Lease Record

Creating and Managing Service Leases

Creating new Service Lease records

In E-Automate, click on Service from the top toolbar. Then select Leases.

Picture1.png

To create a new Lease record, click the New button in upper-left hand corner

Picture2.png

A New Lease record will appear. Complete the Details and Equipment tab. Below indicates how each field should be completed. Note that you will need to create options such as the Lease Company and Code in order to pick from. 

Picture 3.JPG

Details tab:

Lease Number = lender's lease agreement number or your internal lease number

Lease Company = lender's name or internal lending name

Customer = select the customer this lease belongs to

Code = Select lease code such as $ Out, FMV, Internal Rental, etc.

Start and Termination Dates = the commencement date of the lease and its term date

Financed Amount = The total amount financed to the customer

Billing Periods = term of the lease in months

Payment Amount = monthly payment the customer pays towards the lease

Interest Rate = Optional, Interest rate the lease was booked at

Picture 4.JPG

Equipment tab:

Click the Add button in lower left-hand corner to add equipment. Below indicates how each field should be completed on the Edit Lease Equipment box that pops up.

Equipment Number = select the equipment that is on this lease agreement

Financed Amount = this is optional, but it would be the dollar amount allocated to the device when you funded it with the lender that is a portion of the total financed amount

Payment Amount = the portion of the total monthly lease payment that goes towards this equipment only

Asset Number = this is optional, some leasing companies assign an asset number to the leased equipment, and you can add that here

Picture 5.JPG

Picture 6.JPG

 

Managing Existing Service Lease records

Leases that have ended and should no longer be active in the system:

In E-Automate, click on Service from the top toolbar. Then select Leases.

Picture1.png

Use the QuickSearch dropdown menu to locate the lease that is to be marked inactive. Double click on the line item for the lease in the results to open it.

Picture 7.JPG

Inactivate the Lease Record by un-checking the Active box in the lower left-hand corner. Click OK to save.

Picture 8.JPG

 

Leases that have been partially bought out and need to be updated to reflect the proper payment and equipment:

In E-Automate, click on Service from the top toolbar. Then select Leases.

Picture1.png

Use the QuickSearch dropdown menu to locate the lease that is to be adjusted. Double click on the line item for the lease in the results to open it.

Picture 7.JPG

On the Details tab, update the Payment Amount field to reflect the new total payment for the lease after partial buyouts

Picture 9.JPG

On the Equipment tab, highlight the equipment(s) that are no longer on the lease and click the Delete button to remove them.

Picture 10.JPG

Click OK on the Lease Record to save it

 

Service Lease Tab

Creating and Managing Service Contract Lease Tab

This process is for when you are billing the lease or rental payment directly to your customers from your company and a 3rd party lender is not involved in the lease billing.

In E-Automate, click on Service from the top toolbar. Then select Contracts.

Picture 1.JPG

To create a new Contract that will bill the lease charge to your customer, click the New button in upper-left hand corner

Picture 2.JPG

A new Service Contract box will appear. Complete the fields below to create the new contract.

Header Section

Contract Number = leave alone and this will auto-populate

Customer = select customer that is to be charged the lease

Contract type = select the type that fits for your company, this could be a monthly lease or rental contract type

Contract bill code = select the code that fits for your company, this depends on coverage of the equipment

Status = Active

Billing method = Installment

Renewable = is check-marked

Renewal Cycle = select the auto-renew terms from your lease agreement

Start and Expiration Date = select the dates in accordance with the lease agreement

Installment Base Billing Tab

Billing cycle = select the billing cycle that corresponds to the signed lease

Billing Period = this will auto-populate based on the start date selected

Use Equipment Base Rates = select this option if you know how much of the total lease payment allocates to each equipment on the lease

Use Contract Base Rate = select this option if you do not know how much of the total lease payment allocates to each equipment on the lease

Use Standard Distribution = select this option

Base Distribution Code = since we are assigning revenue general lender accounts on the Lease tab, you can leave this at whatever it populated at

Picture 15.JPG

Billing/Contact tab

Select correct bill to customer in the Bill To field if different from customer who holds the lease, otherwise it will populate to the customer in the Header of the Contract

Picture 16.JPG

Lease Mode = use the magnifying glass to change from None to Lease, this will cause the Lease tab to appear on the Service Contract

Allow all other fields to auto-populate on this tab

Picture 17.JPG

Lease tab

Number = allow to auto-populate

Code = Select lease code such as $ Out, FMV, Internal Rental, etc.

Use Equipment Lease Amounts = checkmark this box if you know how much of the total lease payment allocates to each equipment only

Financed Amount = The total amount financed to the customer

Billing Periods = will populate based on start and end date of contract

Payment Amount = this will gray out because you've selected the Use Equipment Lease Amounts option. If you did not select that, then enter the lease payment in this field

Interest Rate = optional, Interest rate the lease was booked at

GL Account = select the correct account for your company for this type of transaction

GL Department = select the correct department for your company for this type of transaction

Use individual tax codes = checkmark this box

Use Lease Info for All Equipment = checkmark this box

Combine the Lease Amount with the Base Amount on the Invoice = leave unchecked, unless you are billing a base amount on this contract and want them combined without breaking out the lease payment on the customer's invoice

Picture 18.JPG

Equipment/Item tab

Click the Add button in the lower left-hand corner to begin adding equipment that is on the lease

Picture 5.JPG

Follow the steps below for the Add Contract Equipment/Item box that appears

Equipment = select this field

Equipment Number = select equipment to add to the contract, you can add by entering the equipment ID number, serial number or using the magnifying glass and 

Start Coverage Date and start Base Billing Date = leave blank

Bill Code = leave blank

Bill Code = leave blank

Override Taxable = leave unchecked

On Contract Lease / Payment Amount = enter the allocated lease payment amount for this equipment

Click OK in lower right-hand corner to add equipment

Picture 19.JPG

Repeat these steps until all equipment is added to the contract

Click OK in the lower right-hand corner of the Service Contract to save

 

 

*  *  *

 

Other Helpful Info

Other Helpful Info

 

 

 

*  *  *

Related Alerts

Related Alerts

ID714 - Active Lease Needs Attention (In Development)

ID787 - Lease Expiration Report Overview & Sample

ID799 - Service Call for a Lease End Machine Overview & Sample

ID64 - Preview of Lease Information for Admin to Ensure Accuracy

ID381 - On Hold with Leasing Company

ID885 - Report of New Lease Records Created in Last 24 Hours

ID65 - Leases Still Active and Expiring Within W Months (For Sales)

ID824 - Contract Termination Date Vs Lease Termination Date

ID523 - Lease Expiration Notification W Days Before Expiration

*  *  * 

 

Was this article helpful?
0 out of 0 found this helpful
Have more questions? Submit a request

0 Comments

Please sign in to leave a comment.
Powered by Zendesk